Cheap Rate Quotes for Porsche Cayman Insurance in Plano

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Insurance for Porsche CaymanWould you like an easy way to compare low-cost Porsche Cayman insurance in Plano? Are you sick and tired of wondering where the money will come from to pay high insurance rates every month? Your situation is no different than many other people in Texas.

Unthinkable but true, the vast majority of Texas insurance customers have purchased from the same company for over three years, and about 40% of consumers have never even compared rates from other companies. Many drivers in America can cut their rates by $860 a year by just comparing rate quotes, but most undervalue the rate savings if they switched.

Steps to finding cheaper quotes for Porsche Cayman insurance in Plano

The most effective way to find low-cost Porsche Cayman insurance in Plano is to make a habit of comparing prices annually from insurance carriers in Texas. This can be done by following these steps.

First, it will benefit you to learn about policy coverages and the measures you can control to keep rates low. Many factors that are responsible for high rates such as traffic violations, accidents, and your credit history can be eliminated by improving your driving habits or financial responsibility. Keep reading for ideas to find cheap rates and get discounts that may be overlooked.

Second, compare price quotes from direct carriers, independent agents, and exclusive agents. Direct companies and exclusive agencies can only give prices from a single company like GEICO and State Farm, while independent agencies can provide prices for a wide range of insurance providers.

Third, compare the new rates to your existing coverage and see if you can save money. If you find a better price and switch companies, make sure there is no lapse between the expiration of your current policy and the new one.

Fourth, notify your company or agent to cancel your current auto insurance policy and submit payment and a signed application for your new policy. Once received, place the new proof of insurance certificate above your visor, in the console, or in the glove compartment.

A tip to remember is to use similar coverage information on every quote request and and to analyze as many companies as you can. Doing this provides a level playing field and a thorough price selection.

With so many choices of insurance companies that have lower-cost insurance for a Porsche Cayman in Plano, it can be difficult for drivers to locate a more affordable insurance provider.

This article's intent is to help educate you on how to effectively get price quotes and some tips to save money. If you have coverage now, you will be able to cut your premiums using this strategy. Shoppers only need to know the least time-consuming way to shop their coverage around online.

The companies shown below can provide price quotes in Texas. If you want to find the cheapest car insurance in Plano, it's highly recommended you visit as many as you can in order to find the lowest rates.

Rates and other information

The data table displayed next showcases different insurance prices for Porsche Cayman models. Knowing how insurance prices are determined can aid in making decisions when shopping your coverage around.

Porsche Cayman Insurance Rates in Plano, TX
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Cayman 2-Dr Coupe $302 $564 $392 $24 $118 $1,400 $117
Cayman S 2-Dr Coupe $302 $630 $392 $24 $118 $1,466 $122
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Prices based on married male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Texas minimum liability limits. Discounts applied include multi-vehicle, multi-policy, homeowner, claim-free, and safe-driver. Prices do not factor in your specific Plano location which can change auto insurance rates greatly.

Higher deductibles lower rates

One of the hardest decisions when shopping for auto insurance is how high should the deductibles for physical damage be. The rates shown below illustrate the rate difference between high and low comp and collision deductibles. The first set of prices uses a $100 deductible for comprehensive and collision coverage and the second price grid uses a $500 deductible.

Porsche Cayman insurance policy rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Cayman 2-Dr Coupe $454 $908 $382 $22 $114 $1,905 $159
Cayman S 2-Dr Coupe $454 $1014 $382 $22 $114 $2,011 $168
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Porsche Cayman insurance policy rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Cayman 2-Dr Coupe $332 $614 $382 $22 $114 $1,464 $122
Cayman S 2-Dr Coupe $332 $686 $382 $22 $114 $1,536 $128
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Table data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Texas minimum liability limits. Discounts applied include multi-policy, homeowner, multi-vehicle, claim-free, and safe-driver. Premium costs do not factor in specific garaging location which can lower or raise insurance rates considerably.

Using the data above, we can ascertain that using a $100 deductible could cost the average driver approximately $39 more each month or $468 every year than buying the higher $500 deductible. Because you would pay $400 more if you turn in a claim with a $500 deductible as compared to a $100 deductible, if you normally go at least 10 months between claims, you would probably come out ahead if you choose the higher deductible.

How to determine if a higher deductible is a good idea

Average monthly premium for $100 deductibles: $164
Average monthly premium for $500 deductibles (subtract): - $125
Monthly savings from raising deductible: $39
Difference between deductibles ($500 - $100): $400
Divide difference by monthly savings: $400 / $39
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 10 months

An important thing to remember is that raising deductibles means you pay more out-of-pocket when you do file a claim. You will want to have enough disposable income in the event you need to pay the higher deductible in order to repair your vehicle.

Rate comparison of full coverage and liability-only

The diagram below visualizes the comparison of Porsche Cayman car insurance costs with full physical damage coverage and with liability coverage only. The premium estimates are based on no accidents or driving violations, $500 deductibles, drivers are single, and no additional discounts are factored in.

When to switch to liability coverage only

There is no written rule to stop paying for full coverage on your policy, but there is a general guideline you can use. If the annual cost of having full coverage is about 10% or more of any settlement you would receive from your insurance company, then you might want to think about dropping full coverage.

For example, let's say your Porsche Cayman claim settlement value is $8,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most you would receive is $7,000 after paying your deductible. If you are paying in excess of $700 a year to have full coverage, then you may need to consider dropping full coverage.

There are some cases where buying only liability insurance is not advised. If you haven't paid off your loan, you have to keep full coverage to protect the lienholder's interest. Also, if you cannot afford to purchase a different vehicle if your current one is in an accident, you should keep full coverage on your policy.

Why you need to buy insurance

Even though it can be expensive, insurance is required by state law in Texas and it also provides benefits you may not be aware of.

  • Most states have minimum liability requirements which means you are required to carry a specific level of liability in order to license the vehicle. In Texas these limits are 30/60/25 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
  • If your Cayman has a lienholder, more than likely the lender will force you to buy insurance to ensure they get paid if you total the vehicle. If you do not keep the policy in force, the bank will be required to insure your Porsche at a much higher premium rate and require you to pay a much higher amount than you were paying before.
  • Insurance protects both your Porsche and your personal assets. It will also cover hospital and medical expenses for not only you but also any passengers injured in an accident. Liability insurance, one of your policy coverages, will also pay for a defense attorney if someone files suit against you as the result of an accident. If your vehicle suffers damage from an accident or hail, comprehensive (other-than-collision) and collision coverage will pay to restore your vehicle to like-new condition.

The benefits of buying insurance are without a doubt worth the cost, especially for larger claims. The average driver in Texas is wasting up to $865 each year so you should quote and compare rates once a year at a minimum to ensure rates are inline.

Smart Consumers Save on Insurance

Many things are part of the equation when pricing auto insurance. Some of the criteria are obvious such as your driving record, but other criteria are not as apparent like your continuous coverage and annual miles driven.

  • Battle of the sexes - Statistics show that men are more aggressive behind the wheel. This data doesn't prove that men are WORSE drivers than women. Both sexes get in auto accidents at about the same rate, but the male of the species have costlier accidents. Men also get cited for more serious violations like DWI (DUI) or reckless driving.

    The diagram below compares Porsche Cayman annual premium costs for male and female drivers. Data assumes no accidents or driving violations, full coverage, $100 deductibles, drivers are not married, and no policy discounts are applied.

  • Only buy extra coverages you need - Policies have add-on coverages you can purchase if you don't pay attention. Things like personal injury protection, death and dismemberment, and extra life insurance coverage may be wasting your money. They may sound like good ideas when discussing your needs, but if they're wasting money think about removing them and cutting costs.
  • Multi-policy discounts can save money - Most companies apply lower prices to clients that buy multiple policies such as combining an auto and homeowners policy. Discounts can amount to five, ten or even twenty percent. Even with this discount, it's always a smart idea to compare other company rates to help ensure you have the lowest rates. You may still be able to find better rates by splitting coverages up.
  • Vehicle features that cut rates - Buying a car with a theft deterrent system can help bring down rates. Anti-theft features like LoJack tracking devices, vehicle tamper alarm systems or GM's OnStar system all hinder vehicle theft.
  • Never allow your policy to lapse - Driving without insurance coverage in place is illegal and companies may charge more for letting your coverage cancel without a new policy in place. And not only will insurance be more expensive, the inability to provide proof of insurance will get you a steep fine or even jail time. You could then be forced to prove you have insurance by filing a SR-22 with the Texas motor vehicle department to get your license reinstated.
  • How your age affects prices - More mature drivers tend to be more responsible, tend to cause fewer accidents, and are generally more financially stable. Young drivers are known to be careless and easily distracted when driving with friends so auto insurance rates are higher.

    The data below assumes a single driver, full coverage with $100 deductibles, and no discounts or violations.

  • Liability insurance limits are a factor - Liability insurance will protect you if you are found liable for damages from an accident. This coverage provides you with a defense in court which can be incredibly expensive. This coverage is very inexpensive compared to physical damage coverage, so buy as much as you can afford.
  • Marriage can lower prices - Having a wife or husband actually saves money on auto insurance. Marriage means you're more mature and responsible and insurance companies like that drivers who are married file infrequent claims.
  • Insurance losses for a Porsche Cayman - Companies use historical loss data when they calculate premium rates for each model. Vehicles that the statistics show to have higher claim amounts or frequency will have increased rates. The data below shows the insurance loss data for Porsche Cayman vehicles.

    For each policy coverage type, the claim amount for all vehicles, regardless of make, model or trim level, equals 100. Numbers below 100 are indicative of better than average losses, while numbers shown that are more than 100 indicate more frequent losses or statistically larger claims.

    Porsche Cayman Insurance Loss Statistics
    Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
    Porsche Cayman 2dr 183 40 99 36
    BETTER
    AVERAGE
    WORSE

    Empty fields indicate not enough data collected
    Statistics from IIHS.org for 2013-2015 Model Years

How to find a good Plano car insurance company

Selecting the best car insurance company is difficult considering how many companies there are to choose from in Plano. The company rank data shown below may help you choose which auto insurance companies to look at purchasing coverage from.

Top 10 Plano Car Insurance Companies Ranked by Customer Satisfaction

  1. USAA - 91%
  2. AAA Insurance - 90%
  3. Esurance - 90%
  4. Mercury Insurance - 89%
  5. Nationwide - 89%
  6. Travelers - 88%
  7. Progressive - 88%
  8. Safeco Insurance - 88%
  9. State Farm - 88%
  10. Allstate - 88%

Top 10 Plano Car Insurance Companies Ranked by Value

  1. Mercury Insurance
  2. Travelers
  3. American Family
  4. AAA Insurance
  5. Safeco Insurance
  6. Progressive
  7. The Hartford
  8. The General
  9. 21st Century
  10. Esurance

Cheaper car insurance is a realistic goal

You just read quite a bit of information on how to shop for Porsche Cayman insurance online. The key thing to remember is the more providers you compare, the better your comparison will be. You may even find the biggest savings come from a smaller regional carrier. These smaller insurers may only write in your state and offer lower auto insurance rates compared to the large companies like State Farm and Allstate.

As you quote Plano car insurance, it's not a good idea to reduce needed coverages to save money. There are a lot of situations where an accident victim reduced liability coverage limits and found out when filing a claim they didn't purchase enough coverage. The ultimate goal is to purchase a proper amount of coverage at the best cost, but do not sacrifice coverage to save money.

Cheap Porsche Cayman insurance in Plano can be purchased from both online companies as well as from independent agents in Plano, so you should compare both to have the best rate selection. Some car insurance companies don't offer rates over the internet and many times these smaller providers only sell coverage through local independent agencies.

How to save on Porsche Cayman insurance in Plano

The preferred way to get the cheapest Porsche Cayman insurance is to do an annual price comparison from insurance carriers that insure vehicles in Plano. You can compare rates by following these guidelines.

Step 1: Try to learn about individual coverages and the steps you can take to drop your rates. Many policy risk factors that result in higher prices such as traffic tickets, fender benders, and a bad credit rating can be rectified by making minor driving habit or lifestyle changes.

Step 2: Request rate estimates from independent agents, exclusive agents, and direct companies. Direct companies and exclusive agencies can only give prices from a single company like GEICO and State Farm, while independent agencies can provide rate quotes for a wide range of insurance providers.

Step 3: Compare the new quotes to the price on your current policy to see if a cheaper price is available. If you find a better price and decide to switch, ensure coverage does not lapse between policies.

One important bit of advice is that you'll want to compare the same amount of coverage on each quote and and to look at as many different insurance providers as possible. Doing this guarantees an accurate price comparison and a complete selection of prices.

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